Doha, Qatar: Industries Qatar (IQ) convened its Annual General Assembly meeting for the fiscal year 2023, recently.
Addressing the meeting, H E Saad Sherida Al Kaabi, Minister of the State for Energy Affairs, Chairman of the Board of Directors and Managing Director, Industries Qatar said, IQ achieved commendable financial performance during a year marked by challenges in the global macroeconomic environment, which resulted in uncertainties impacting the supply and demand for most downstream products, leading to price fluctuations.
However, we were successfully navigating challenges related to weakened global macroeconomic and cautious consumer spending to combat inflation and rising interest rates.
The Group delivered commendable financial and operational performance, this dedication was evidenced by our focus on our people, ensuring plant reliability, and our unwavering commitment to highest standards for health, safety, and the environment (HSE), all while pursuing sustainable growth aimed at creating additional value for our shareholders
As the Group continues its strategic initiatives, Qafco-7 is on track and expected to launch during 2026, further boosting our ammonia production volumes.
Qafco will also operate trains 1 and 2, solidifying our position as renowned global producer of nitrogen-based fertilizers.
The PVC project is progressing as per schedule, and upon completion, it will become a local producer for PVC, bolstering local industries.
Industries Qatar’s achieved a net profit of QR4.7bn and an EPS of QR 0.78. Recognizing current and future capital projects and the evolving economic landscape, the Board of Directors proposes a total annual dividend distribution equivalent to 100% of Industries Qatar net earnings for the year, equating to QR 0.78 per share for the financial year ended in 31 December 2023.
In navigating this challenging landscape, we relied on strategic foresight and decisive action, resulting in operational and financial success. We remain committed to sustainable growth, diversification, and creating value for our shareholders.
